Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Division 6D - Provisions relating to certain closely held trusts

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Subdivision F - Special provisions about tax file numbers

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SECTION 102UV TRUSTEE OF CLOSELY HELD TRUST MAY RECORD ETC. TAX FILE NUMBER

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102UV(1) [ Application]

This section applies if a trustee beneficiary in respect of:

(a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section 97 ; or

(b) a share of a tax-preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income;

quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share.

102UV(2) [ Use of TFN]

Section 8WB of the Taxation Administration Act 1953 does not prohibit the trustee of the closely held trust from:

(a) recording the tax file number or maintaining such a record; or

(b) using the tax file number in a manner connecting it with the identity of the trustee beneficiary; or

(c) divulging or communicating the tax file number to a third person;

in connection with that trustee making a correct TB statement about that share.

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History

S 102UV substituted by No 143 of 2007 , s 3 and Sch 4 item 41, applicable to the first income year starting on or after 24 September 2007 and later income years. S 102UV formerly read:

SECTION 102UV TRUSTEE OF CLOSELY HELD TRUST MAY RECORD ETC. TAX FILE NUMBER
102UV(1)
This section applies if an ultimate beneficiary in respect of the whole or part of:

(a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of a trustee beneficiary of the trust under section 97 ; or

(b) a share of a tax-preferred amount of a closely held trust to which a trustee beneficiary of the trust is presently entitled at the end of a year of income;
quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct UB statement about that share.

102UV(2)
Section 8WB of the Taxation Administration Act 1953 does not prohibit the trustee of the closely held trust from:

(a) recording the tax file number or maintaining such a record; or

(b) using the tax file number in a manner connecting it with the identity of the ultimate beneficiary; or

(c) divulging or communicating the tax file number to a third person;
in connection with that trustee making a correct UB statement about that share.

S 102UV inserted by No 70 of 1999.

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